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May 08, 2023DOGE weakened earlier in the day, before moving away from its $0.075 low and recovering back to $0.075.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at $0.076 suggests further losses may follow for Dogecoin.
Looking forward, Dogecoin is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Ripple is down to $0.438, losing $0.011, after closing at $0.449 in the preceding trading session. Algorand USD is down to $0.168, losing $0.006, after closing at $0.173 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
DOGE is now trading 46.16% below the significant high of $0.142 it set around 6 months ago. DOGE is currently trading with a market cap of 10.48 billion with an average daily volume of 558.66 million.
